Athens International Airport SA: Unit revenues soften; regulation limits impact on profitability

Research evidence excerpt

Athens International Airport SA: Unit revenues soften; regulation limits impact on profitability

Equity Research

European Transportation

19 May 2026

Athens International Airport SA

Unit revenues soften; regulation

limits impact on profitability

1Q26 EBITDA missed. Aviation yields hit by airport charges AIAr.AT/AIA GA EQUAL WEIGHT

discounts, non-air softened on parking development and Unchanged

traffic mix. FY26 guide held, but traffic momentum slows. European Transportation UnchangedNEUTRAL

Regulation limits downside. Limited estimate changes; Price Target EUR 10.30

maintain EW, PT nudges up to €10.30 from €10.15. raised 1% from EUR 10.15

Price (15-May-26) EUR 9.97

Potential Upside/Downside +3.3%

1Q26 soft, but not thesis-changing. Athens Airport's 1Q26 was soft at the EBITDA level. EBITDA Source: Bloomberg, Barclays Research

was €59.1m, down 14% YoY and 4% below BarcE. There was no consensus available. Revenue

was €117.9m, down 6% YoY and 3% below BarcE. The pressure was in both unit revenue lines. Market Cap (EUR mn) 3086

Aviation unit revenues were diluted by the temporary passenger charge discount, used to keep Shares Outstanding (mn) 309.54

returns within the regulatory cap after the depletion of the Carry Forward amount. Non-aviation Free Float (%) 24.50

unit revenues were also weaker, reflecting car park disruption from construction and the impact 52 Wk Avg Daily Volume (mn) 0.2

on traffic mix from softer Middle East traffic. Neither of these issues was a surprise. But both Dividend Yield (%) 6.63

aviation and non-aviation unit revenues were weaker than we had expected, and both softened Return on Equity TTM (%) 31.62

sequentially from 4Q25. Opex was better than forecast, and net profit of €18.9m was 5% above Current BVPS (EUR) 2.23